Corrigendum to Notice of 32nd Annual General meeting of Orchid Pharma Limited (''the Company'') for the F.Y. 2024-25
ORCHPHARMA · price
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Orchid Pharma has issued a corrigendum to its 32nd AGM notice, correcting Item No. 8 related to modification of QIP fund utilization. The AGM is scheduled for September 20, 2025 at 11:30 AM via video conferencing. Key items on the agenda include adoption of FY25 financial statements, reappointment of Mr. Arjun Dhanuka by rotation, ratification of cost auditor remuneration (Rs. 2.5 lakh), appointment of S Dhanapal & Associates as secretarial auditor for 5 years, reappointment of three independent directors (Dr. Dharam Vir, Dr. Manoj Kumar Goyal, Ms. Tanu Singla) for a second 5-year term, and approval of related-party transactions with Otsuka Chemicals (India) up to Rs. 400 crore for FY26. The main change is reallocation of the unutilized Rs. 124.85 crore from the Rs. 400 crore QIP raised in June 2023 — Jammu manufacturing facility allocation rises from Rs. 90 cr to Rs. 135 cr, debt repayment rises from Rs. 141 cr to Rs. 195.46 cr, while Alathur API facility capex drops from Rs. 99.82 cr to Rs. 0.36 cr as that project is deferred.
Shareholders need to vote on these resolutions, with the QIP reallocation effectively accelerating the Jammu project and debt reduction instead of the Alathur API expansion. The company justifies the shift by citing a 1.5–2% negative carry from parking idle QIP funds in FDs while paying 7.5–8.8% interest on borrowings — a move that could modestly improve near-term profitability but defers the API capacity build-out.